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AMEH.. $0.1288.. Apollo Medical Holdings, Inc. Appoints Edward "Ted" Schreck as Chairman of Its Board of Directors
GLENDALE, Calif., Feb. 16, 2012 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed") (OTC-AMEH.PK), a leading provider of hospitalist, critical care and multi-disciplinary care management services to the healthcare community, today announced the appointment of Edward "Ted" Schreck as Chairman of its Board of Directors.
Mr. Schreck is a senior health care executive whose career spans over 37 years in both the private and public sectors. He joined Tenet Healthcare Corporation in 1998 as CEO of USC University Hospital and USC/Norris Cancer Hospital. Under his leadership, both USC University Hospital and USC/Norris achieved significant growth and clinical program development. In 2000, he was promoted to Regional Vice President of Operations, charged with leading a group of ten Los Angeles-area hospitals. Two years later, he was promoted to Senior Vice President of Operations. Mr. Schreck returned as CEO of USC University Hospital and USC/Norris Cancer Center in 2004.
Prior to joining Tenet, Mr. Schreck worked for the St. Joseph Health System, serving as CEO of Santa Rosa General Hospital and Senior Vice President of Santa Rosa Memorial Hospital, and for Sutter Health System as CEO of Delta Memorial Hospital. He also served as CEO of the Eden Township District Hospitals.
Mr. Schreck retired in 2006 but returned to work as a consultant for Portland-based Legacy Health System, which operates five hospitals, a research facility, a hospice agency, and specialty and primary care clinics. Most recently, he served on the board of Los Angeles Orthopaedic Hospital, a member of the UCLA Health System.
Mr. Schreck earned his Bachelor's degree at UCLA and holds a Master's and Doctorate from USC, the latter from the Price School of Public Policy.
"We are honored that Ted has joined our Board," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings, Inc. "He has a proven track record of success. His extensive experience in hospital and executive management make him an ideal leader for ApolloMed."
"I'm delighted to be a part of the ApolloMed team, and excited about their vision for integrated medical management services," stated Ted Schreck, Chairman of the Board. "ApolloMed is a pioneer in developing new strategies and innovations for achieving effective, high quality patient care. I believe ApolloMed will make significant contributions for its patients and its hospital, medical group and health plan clients."
About Apollo Medical Holdings, Inc.
ApolloMed is a leading provider of integrated medical management services that improves the quality and efficiency of inpatient hospital care plus multi-disciplinary care management services targeting inefficiencies in healthcare payer and provider networks. The Company's integrated model combines hospitalist medicine, critical care medicine, 24-hour physician call centers, case management and transition management that offers to help healthcare organizations engage in performance payments for utilization efficiency, quality of care objectives and shared accountability arrangements. The company's strategy is to capitalize on the growing market for hospital-based physicians and care management services. There are currently 4900 acute care hospitals in the U.S., with more than 35 million annual admissions. Total U.S. spending on hospital care currently exceeds $650 billion, and is expected to increase to $1.3 trillion by 2016.
For more information, please visit our website: www.apollomed.net
AMEH.. $0.1288.. Apollo Medical Holdings, Inc. Appoints Edward "Ted" Schreck as Chairman of Its Board of Directors
GLENDALE, Calif., Feb. 16, 2012 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed") (OTC-AMEH.PK), a leading provider of hospitalist, critical care and multi-disciplinary care management services to the healthcare community, today announced the appointment of Edward "Ted" Schreck as Chairman of its Board of Directors.
Mr. Schreck is a senior health care executive whose career spans over 37 years in both the private and public sectors. He joined Tenet Healthcare Corporation in 1998 as CEO of USC University Hospital and USC/Norris Cancer Hospital. Under his leadership, both USC University Hospital and USC/Norris achieved significant growth and clinical program development. In 2000, he was promoted to Regional Vice President of Operations, charged with leading a group of ten Los Angeles-area hospitals. Two years later, he was promoted to Senior Vice President of Operations. Mr. Schreck returned as CEO of USC University Hospital and USC/Norris Cancer Center in 2004.
Prior to joining Tenet, Mr. Schreck worked for the St. Joseph Health System, serving as CEO of Santa Rosa General Hospital and Senior Vice President of Santa Rosa Memorial Hospital, and for Sutter Health System as CEO of Delta Memorial Hospital. He also served as CEO of the Eden Township District Hospitals.
Mr. Schreck retired in 2006 but returned to work as a consultant for Portland-based Legacy Health System, which operates five hospitals, a research facility, a hospice agency, and specialty and primary care clinics. Most recently, he served on the board of Los Angeles Orthopaedic Hospital, a member of the UCLA Health System.
Mr. Schreck earned his Bachelor's degree at UCLA and holds a Master's and Doctorate from USC, the latter from the Price School of Public Policy.
"We are honored that Ted has joined our Board," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings, Inc. "He has a proven track record of success. His extensive experience in hospital and executive management make him an ideal leader for ApolloMed."
"I'm delighted to be a part of the ApolloMed team, and excited about their vision for integrated medical management services," stated Ted Schreck, Chairman of the Board. "ApolloMed is a pioneer in developing new strategies and innovations for achieving effective, high quality patient care. I believe ApolloMed will make significant contributions for its patients and its hospital, medical group and health plan clients."
About Apollo Medical Holdings, Inc.
ApolloMed is a leading provider of integrated medical management services that improves the quality and efficiency of inpatient hospital care plus multi-disciplinary care management services targeting inefficiencies in healthcare payer and provider networks. The Company's integrated model combines hospitalist medicine, critical care medicine, 24-hour physician call centers, case management and transition management that offers to help healthcare organizations engage in performance payments for utilization efficiency, quality of care objectives and shared accountability arrangements. The company's strategy is to capitalize on the growing market for hospital-based physicians and care management services. There are currently 4900 acute care hospitals in the U.S., with more than 35 million annual admissions. Total U.S. spending on hospital care currently exceeds $650 billion, and is expected to increase to $1.3 trillion by 2016.
For more information, please visit our website: www.apollomed.net
The latest report included earnings for the first time in recent memory.. I think that AMEH is now at a critical mass where increased sales will come to bottom line with more ease.. AMEH sol at levels twice these just last year on far fewer sales and W/O any profits.. hank
During the third quarter ended October 31, 2011, ApolloMed recorded record revenues of $1,431,965 compared to $1,019,078 in revenue during the third quarter ended October 31, 2010. For the nine month period ended October 31, 2011, ApolloMed recorded revenue of $3,565,366, a 24.6% increase over the same period in 2010.
ApolloMed recorded net income for the quarter ended October 31, 2011 of $58,204 compared to a net loss of $41,015 during the third quarter ended October 31, 2010.
Apollo Medical Holdings, Inc. Reports Record Revenue in Third Quarter of 2011
GLENDALE, Calif., Dec. 22, 2011 /PRNewswire via COMTEX/ -- Apollo Medical Holdings, Inc. ("ApolloMed") (OTC-AMEH.OB), a leading provider of hospitalist and multi-disciplinary care management services to the healthcare community, today announced its third quarter and YTD operating results:
During the third quarter ended October 31, 2011, ApolloMed recorded record revenues of $1,431,965 compared to $1,019,078 in revenue during the third quarter ended October 31, 2010. For the nine month period ended October 31, 2011, ApolloMed recorded revenue of $3,565,366, a 24.6% increase over the same period in 2010.
ApolloMed recorded net income for the quarter ended October 31, 2011 of $58,204 compared to a net loss of $41,015 during the third quarter ended October 31, 2010.
Over the past nine months, the company has realized the following:
ApolloMed was selected to provide hospitalist services at two new hospitals: Tulare Regional Medical Center and Glendale Memorial Hospital.
Announced its first health plan contract to provide comprehensive physician services and inpatient care for members enrolled in Anthem's Medi-Cal program in Los Angeles County.
Announced the acquisition of Primary Critical Care Management and Aligned Healthcare.
"We are pleased with the results of our third quarter," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings, Inc. "We remain focused on our objective of attaining profitable operations and on increasing shareholder value. And we continue to make significant progress in expanding both our service offering and geographic footprint."
About Apollo Medical Holdings, Inc.
ApolloMed is a leading provider of integrated medical management services that improves the efficiency in inpatient care plus multi-disciplinary care management services targeting inefficiencies in healthcare payer and provider networks. Our integrated model combines hospitalist medicine, critical care medicine, 24-hour physician call centers, case management and transition management that offers to help healthcare organizations engage in performance payments for utilization efficiency, quality of care objectives and shared accountability arrangements. The company intends to capitalize on the growing market for hospital-based physicians and care management services. There are 4900 acute care hospitals in the U.S., with over 35 million annual admissions. Total U.S. spending on hospital care is over $650 billion, and is expected to increase to $1.3 trillion by 2016. There are tremendous inefficiencies in the delivery of inpatient care, a high rate of hospital errors and high readmission rates. These are drivers for the growth of hospital-based medicine and care management services. Apollo and its affiliated medical groups have proven expertise in providing excellent and efficient care to hospitalized patients.
SOURCE Apollo Medical Holdings, Inc.
Copyright (C) 2011 PR Newswire. All rights reserved
Three Months Ended October 31, 2011 vs. Three Months Ended October 31, 2010...
The Company reported income from operations of $126,202 for the three months ended October 31, 2011, compared to a loss from operations of $3,384 recorded in the same period of 2010.
Net revenues for the three months ended October 31, 2011 of $1,431,965 increased $412,887, or 41%, over net revenues of $1,019,078 reported for the three months ended October 31, 2010. Net revenues are comprised of net billings by the Company under the various fee structures from health plans, medical groups/IPA’s and hospitals, and income from service fee agreements. The increase was attributable to the acquisition of PCCM, new hospital contracts started in quarter, and expansion of services with new medical groups atexisting hospitals.
Physician practice salaries, benefits and other expenses for the three months ended October 31, 2011 were $1,097,132, at 77% of net revenues compared to $868,119 for the three months ended October 31, 2010, at 85% of net revenues. Cost of services includes the payroll and consulting costs of the physicians, all payroll related costs, costs for all medical malpractice insurance and physician privileges. Total physician compensation increased to $828,134 for the three months ended October 31, 2011, up 20.5% compared to $687,352 for the three month period ended October 31, 2010. The increase in physician costs are primarily related to new contracts started in the period and the acquisition of PCCM. Physician practice salaries, benefits and other expenses for LALC were $59,217 for the three months ended October 31, 2011.
General and administrative expenses include all salaries, benefits, supplies and operating expenses, not specifically related to the day-to-day operations of our physician group practices, including billing and collections functions, and our corporate management and overhead. General and administrative expenses were $204,690, at 14% of net revenues, for the three months ended October 31, 2011 compared to general and administrative expenses of $152,013 for the three months ended October 31, 2010, at 15% of net revenues. The increase in expense is primarily the result of increased costs to support the continuing growth of our current operations and expansion in new service offerings and acquisitions. During the three months ended October 31, 2011, the Company incurred non-cash stock option compensation expenses of $7,333, related to stock option grants previously issued, an increase of $7,333 from the same period in the prior year. During the three months ended October, 31, 2011, the Company incurred bad debt expense of $5,254, an increase of $5,254 from the same period in the prior year. The remainder of the increase is attributable to increased costs associated with the acquisitions of AHI and PCCM in the quarter.
Depreciation and amortization expense was $3,941 for the three months ended October 31, 2011, and $2,303 for the comparable three-month period in 2010.
The Company reported income from operations of $126,202 for the three months ended October 31, 2011, compared to a loss from operations of $3,384 recorded in the same period of 2010. Increase in reported income from operations is primarily attributable to acquisition of PCCM, benefit from new hospital contracts and reduction of start-up losses in the quarter associated with the acquisition of AHI.
Interest expense and amortization of financing costs totaled $67,947 for the three months ended October 31, 2011, compared to interest and financing costs of $41,123 for the three months ended October 31, 2010. Interest expense and financing costs in 2011 includes interest on the subordinated borrowings of $33,250, and the amortization of financing costs of $9,375, related to the subordinated notes and a $25,000 charge related to an exercise price adjustment on warrants originally issued to a placement agent in connection with the Company’s convertible notes payable issuance in October 2009. Interest expense for the three months ended October 31, 2010 of $31,748 interest expense paid on the subordinated borrowings of $31,250, and the amortization of financing costs of $9,375, related to subordinated notes.
Net income was $58,204 for the three months ended October 31, 2011, compared to a net loss of $41,015 for the three months ended October 31, 2010. The increase in net income for the three months ended October 31, 2011 is primarily related to acquisition of PCCM, benefit from of new hospital contracts and reduction of start-up losses associated with the acquisition of AHI in the quarter.
Nine Months Ended October 31, 2011 vs. Nine Months Ended October 31, 2010
Net revenues for the nine months ended October 31, 2011 of $3,565,366 increased $703,708, or 25%, higher than net revenues of $2,861,658 reported for the nine months ended October 31, 2010. Net revenues are comprised of net billings by the Company under the various fee structures from health plans, medical groups/IPA’s and hospitals, and income from service fee agreements. The increase was attributable to the acquisition of PCCM, new hospital contracts started in the period, and expansion of services with new and existing medical groups.
Physician practice salaries, benefits and other expenses for the nine months ended October 31, 2011 were $2,993,020, at 84% of net revenues, compared to $2,407,524, at 84% of net revenues, for the nine months ended October 31, 2010. Cost of services includes the payroll and consulting costs of the physicians, all payroll related costs, costs for all medical malpractice insurance and physician privileges. Total physician compensation increased to $2,270,654 for the nine months ended October 31, 2011, up 34.3% compared to $1,690,372 for the nine month period ended October 31, 2010. The increases in physician costs are directly related to new contracts started in the period and the acquisition of PCCM.
General and administrative expenses include all salaries, benefits, supplies and operating expenses, not specifically related to the day-to-day operations of our physician group practices, including billing and collections functions, and our corporate management and overhead. General and administrative expenses were $706,312, at 20% of net revenues, for the nine months ended October 31, 2011, an increase of $278,592, compared to general and administrative expenses of $427,720 for the nine months ended October 31, 2010, at 15% of net revenues. The increase in general and administrative expenses for the nine months ended October 2011, are primarily the result of increased costs to support the continuing growth of our current operations and expansion of new services. The Company experienced one-time transaction costs of $79,408 associated with the acquisitions of AHI and PCCM. In addition, start-up losses at AHI during the nine months ended October 31, 2011 were $83,750. The Company recorded non-cash compensation expenses of $84,999 for the nine months ended October 31, 2011, related to the issuance of shares for service and non-cash stock option compensation expense, an increase of $37,833, compared to $47,166, of such non-cash costs recorded during the nine months ended October 31, 2010. Finally, the Company recorded bad debt expense of $5,254 during the nine months ended October 31, 2011 compared to a reduction in bad debt expense of $76,231 in the nine month period ended October 31, 2010.
Depreciation and amortization expense was $9,814 for the nine months ended October 31, 2011, and $8,330 for the comparable nine-month period in 2010.
The Company reported a loss from operations of $143,780 for the nine months ended October 31, 2011, compared to an income from operations of $18,084 recorded in the same period of 2010. Higher net revenues in 2011 were offset by higher physician and general and administration costs associated added to support continued growth of our operations, expansion of new service offerings and transaction and start-up losses related to the acquisition of AHI.
Interest expense and the amortization of financing costs totaled $149,974 for the nine months ended October 31, 2011, compared to interest and financing costs of $122,951 in the nine months ended October 31, 2010. Interest expense and financing costs in 2011 included interest on the subordinated borrowings of $96,849, and the amortization of financing costs of $28,125, related to the subordinated borrowings and $25,000 warrant re-pricing charge. During the nine month period ended, October 31, 2010, the Company incurred interest on the subordinated borrowings of $94,736, and the amortization of financing costs of $28,215, related to the subordinated borrowings .
Apollo reported a net loss of $293,559 for the nine months ended October 31, 2011, compared to a net loss of $100,388 for the nine months ended October 31, 2010. The increase in the net loss was the result of the factors discussed above.
Liquidity and Capital Resources
At October 31, 2011, the Company had cash and cash equivalents of $249,653, compared to cash and cash equivalents of $397,101 at January 31, 2011. The cash balance at October 31, 2011 included $205,075 in a money market brokerage account. There were no short-term borrowings at October 31, 2011 or January 31, 2011. Long-term borrowings totaled $1,399,191 as of October 31, 2011 and $1,248,588 on January 31, 2011.
Net cash used in operating activities totaled $302,232 in the nine months ended October 31, 2011, compared to net cash used in operations of $159,742 for the comparable nine months ended October 31, 2010. The primary changes in working capital during the nine months ended October 31, 2011 was composed of (i) an increase in accounts receivable of $180,190 and (ii) a decrease of accounts payable and accrued liabilities. The increase in our accounts receivable was due the acquisition PCCM and uncollected revenue from new contracts. Management uses days of sales outstanding (DSO) to measure the effectiveness of our collections. DSO decreased to 55 as of October 31, 2011 compared to 62 DSO as of January 31, 2011.
Net cash used by financing activities totaled $4,290 for the nine months ended October 31, 2011, compared to $211 provided by financing activities for the same period in 2010. During fiscal 2011, the Company completed a $150,000 private placement of convertible debt with a group of accredited investors. In addition, LALC distributed $154,290 to its sole shareholder.
During the nine months ended October 31, 2011, the Company advanced $825 to a non-affiliated Company. The Company invested $5,136 to acquire furniture and fixtures.
Liquidity
We continue to search for investment opportunities and anticipate that funds generated from operations, together with our current cash on hand and funds available under our revolving credit agreement will be sufficient to finance our working capital requirements and fund anticipated acquisitions, contingent acquisition consideration and capital expenditures.
From 8K filed on 12/14/2011: "....Adrian Vazquez, M.D., resigned his positions as Chairman of the Board, President and a director of Apollo Medical Holdings, Inc...."
I got a bad,bad,bad feeling that the coming ER is BAD,BAD,and BAD;realization that the business model is flawed ever since the beginning,is not helping the management;and a likely share dilution as the next option,if not the only option,to save the balance sheet at current shareholders expense,again!
ER is out........top-line $1.1 million,cost 86%,SG&A 22%,......top-line growth 5% Q/Q......The current business model is flawed!! This stock is worth at 2009 price,$0.07 cents that is!!!
ApolloMed Hospitalists Selected to Provide Hospitalist Services to Tulare Regional Medical Center
Today : Friday 9 September 2011
Apollo Medical Holdings, Inc. (OTC-BB: AMEH), a leading provider of hospitalist, critical care, call center and care management services to the healthcare community, today announced that ApolloMed Hospitalists, one of its affiliated medical groups, signed a service agreement with Tulare Regional Medical Center to provide comprehensive inpatient care services at the 112-bed facility in Tulare, California.
"We are very excited to have been selected as the hospitalist group at Tulare Regional. We look forward to working with the medical staff and management to enhance patient care and efficiencies," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings.
"Tulare Regional Medical Center welcomes ApolloMed Hospitalists to our team of healthcare providers, realizing that our patients will benefit from their delivery of quality care," stated Shawn Bolouki, Chief Executive Officer of Tulare Regional Medical Center.
"We look forward to growing with Tulare Regional as it nears completion of its new $120 million budgeted medical tower in 2012, which will be equipped with additional bed capacity, a roof-top helipad, robotic surgery capabilities, 24-bay emergency department and trauma capabilities," stated Adrian Vazquez, M.D., President and Chairman of Apollo Medical Holdings, Inc.
About Apollo Medical Holdings, Inc.
Apollo is a leading provider of hospitalist, critical care, call center and multi-disciplinary care management services to the healthcare community in California. The company intends to capitalize on the growing market for hospitalists, critical care specialists and care management services. There are 4900 acute care hospitals in the U.S., with over 35 million annual admissions. Total U.S. spending on hospital care is over $650 billion, and is expected to increase to $1.3 trillion by 2016. There are tremendous inefficiencies in the delivery of inpatient care and a high rate of hospital errors. Both of these are drivers for the growth of hospital-based medicine. Apollo and its affiliated medical groups have proven expertise in providing excellent and efficient care to hospitalized patients.
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